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Income Declaration Scheme 2016 Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs)

News and Press Release - Dated:- 5-9-2016 - The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations up to 30.9.2016. The Income Declaration Scheme, 2016 Rules (the Rules) have been notified on 19.5.2016. The amount payable under the Scheme can be paid in instalments viz. 25% of the total am .....

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shall be enquired into by the Income-tax Department. The assets declared under the Scheme are to be valued at cost of acquisition or at fair market price as on 1.6.2016 as determined by the registered valuer, whichever is higher. However, an option for valuation of registered immovable property on the basis of stamp duty value of acquisition adjusted with the Cost Inflation Index has also been provided. Credit for unclaimed TDS made on declared income shall be allowed. Neither any capital gains .....

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